Farmington NM
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Farmington, NM Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Farmington Housing Market Information

With a population of 45,450, 15,505 total housing units (homes and apartments), and a median house value of $188,370, Farmington real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Farmington, accounting for 61.61% of the city's housing units. Other types of housing that are prevalent in Farmington include mobile homes or trailers ( 18.76%), duplexes, homes converted to apartments or other small apartment buildings ( 8.37%), and a few large apartment complexes or high rise apartments ( 7.50%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Farmington. Owner-occupied housing accounts for 65.17% of Farmington's homes, and 66.54% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Farmington built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Farmington built between 1940-1969 ( 30.10%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.28%). There's also some housing in Farmington built before 1939 ( 1.06%).

Vacant housing appears to be an issue in Farmington. Fully 12.50% of the housing stock is classified as vacant. Left unchecked, vacant Farmington homes and apartments can be a drag on the real estate market, holding Farmington real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Farmington Home Appreciation Rates

Homes have actually lost value in Farmington over the last then years, as home values have seen a decline of 3.89% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Farmington home appreciation rates at -2.85%, which equates to an annual appreciation rate of -10.93%.

Appreciation rates are so strong in Farmington that despite a nationwide downturn in the housing market, Farmington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Farmington appreciation rates continue to be some of the highest in America, at 9.89%, which is higher than appreciation rates in 97.94% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Farmington. Farmington appreciation rates in the latest quarter were at -2.85%, which equates to an annual appreciation rate of -10.93%.

Notably, Farmington's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New Mexico, our data show that Farmington's latest annual appreciation rate is higher than 90% of the other cities and towns in New Mexico.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Farmington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Farmington - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Farmington real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$188,370

Farmington, NM HOME PRICES

Value Range
> $1,074,000 0.6
$805,001 - $1,074,000 0.4
$537,001 - $805,000 2.6
$429,001 - $537,000 2.0
$322,001 - $429,000 8.1
$215,001 - $322,000 19.8
$107,001 - $215,000 43.1
$54,001 - $107,000 9.4
$0 - $54,000 13.9

High for NM
Average for Nation

Value Relative to Nation Value Relative to State
41.9795620437956 24.5762711864407

Number Of Homes And Apartments:
15,505

Farmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NM*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
58.66% 2.40%
5
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,030 / per month

Homeownership Rate

Homeownership
Owners 65.17
Renters 34.83
Vacant 12.50

Housing Market Details

 

Age of Homes

AGE OF Farmington HOMES
2000 or Newer 16.3
1970 - 1999 52.6
1940 - 1969 30.1
1939 or Older 1.1

Types of Homes

TYPE OF Farmington HOMES
Single-Family 61.6
Townhomes 3.6
Small Apt. Buildings 8.4
Apt. Complexes 7.5
Mobile Homes 18.8
Other 0.2

Home Size

SIZE OF Farmington HOMES
No Bedroom 2.54
1 Bedroom 6.42
2 Bedrooms 21.93
3 Bedrooms 51.07
4 Bedrooms 15.47
5 or more bedrooms 2.57